Last week USDA released its Cattle on Feed report; inventory was 95 percent of April 2022, which was the highest total on record for the month of April, but the 1 April 2023 total on-feed inventory was the lowest since 2017. As WPI noted last week, strong marketing numbers at 99 percent of last year, as expected, prevented the report from being bearish from the much larger than anticipated placements and somewhat higher inventories compared to expectations. However, the report did put a lid on the recent rally in fed cattle prices.
The record high cattle prices in 2014 and 2015 incentivized rapid herd expansion among producers.
Another USDA report issued last week, however, shows that any herd rebuilding this year i...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
